AbstractOVERVIEW We lowered our ratings on four classes from JPMorgan Chase Commercial Mortgage Securities Corp.'s Series 2006-FL1, a U.S. CMBS transaction, and removed them from CreditWatch with negative implications. In addition, we withdrew our 'AAA (sf)' rating on the Class X-2 interest-only certificates from the same transaction based on our IO criteria. The collateral remaining in this transaction consists of a floating-rate loan with the special servicer. The lowered ratings reflect our analysis of the transaction, which included our revaluation of the remaining loan, the transaction structure, liquidity available to the trust, and losses that we anticipate will occur upon the eventual resolution of the specially serviced loan. We also considered our expectation, based on our discussions with the special...

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